F&F

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F&F

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Karen.59
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by Karen.59 » Wed Nov 01, 2017 9:42 am
I want to know how much it costs to find out how much it costs to get a full and final settlement figure and how long before I know if acceptable
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Foggy
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by Foggy » Wed Nov 01, 2017 9:54 am
Karen.59 wrote:
I want to know how much it costs to find out how much it costs to get a full and final settlement figure and how long before I know if acceptable



A full and final offer is different to a settlement. For a settlement figure you need to pay the balance of the full outstanding debt, fees and possible statutory interest. For a F&F offer you make an offer based on the number of months remaining ( plus 12 if the equity clause is likely to be triggered) multiplied by the current monthly payment (far less than a settlement).

A F&F usually take 2 - 3 months to put together ( unless you are with Payplan, who are currently taking nearer 6 months).
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Lisa Thomas
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by Lisa Thomas » Wed Nov 01, 2017 12:58 pm
It costs nothing but time and a stamp as YOU make the offer. The creditors might get charged £500 by your IP for a variation fee but that shouldn't really affect you.
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Karen.59
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by Karen.59 » Mon Dec 18, 2017 5:25 pm
Hello and thank you for all the help given much appreciated.
I'm about to make an offer but am uncertain how much to offer the creditors.
I am upfront with my IP about an inheritance but they have told me to decide how to put it to the creditors as I may be able to keep some monies and the IP will give back to me. I'm assuming this must be for medical reasons and not having a job since a bad accident at work which I won't recover from. Can there be any other reasons that can help me keep some monies to pay a lump sum off my mortgage. I have two years left to pay 54000 which I'm unable to do so will be without a home. If I pay all I have to mortgage is this likely to be accepted. Or will I be able to claim for work to be done on house ie plumbing work which is desperately needed. I also need a car as I cannot use public transport because of my disability. I did have an old car but that packed up last week and will be to expensive toput right with it being an old car. Is there anything else which I can legally claim for .
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Foggy
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by Foggy » Mon Dec 18, 2017 6:06 pm
I assume the inheritance is the one your husband is getting, so the creditors do not need to know the ins and outs. As mentioned above you need to offer an amount based on the number of months remaining, plus 12 in lieu of equity, multiplied by the current monthly payment.
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Lisa Thomas
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by Lisa Thomas » Tue Dec 19, 2017 11:34 am
Foggy has told you how to calculate it.

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